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    Property profile & analytics

    702 Virginia Ave Phoenix, AZ 85006-1036

    • Grocery and convenience stores
    • 2,301 SF
    • 0.18 lot acres
    OFF-MARKET
    Last Sale
    Sep 25, 2020
    $1,275,000
    Value Estimations
    $1,055,000
    Show details
    Cap Rate Potential
    2%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US07-1304712
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Virginia Market / (Bike/Boat/Book/etc) Store / Wine and Liquor Store
    • Virginia Liquor / (Bike/Boat/Book/etc) Store / Wine and Liquor Store
    • RockItCoin Bitcoin ATM / Atm

    Property Details for 702 Virginia Ave

    Year built
    1962
    Construction
    CONCRETE
    Lot size
    0.18 lot acres
    Property size
    2,301 SF
    Zone code
    C-2
    Property type
    Grocery and convenience stores
    APN
    117-29-174A
    APU
    11729174A

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $781,000
      Market price range: $690k - $1.92M
      AI Estimate
      $781,000
      Market price range: $690k - $1.92M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,600,000
      AUTO REPAIR, GARAGE
      $970,000
      OFFICE BUILDING
      $690,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.065
    Latitude
    33.4768
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $4,708
    $0.00
    $0.00
    $71,825
    -
    $316,100
    $119,200
    $435,300

    Comparable in this City

    • Value Estimation
      $750,000
      2,500 SF

      401 20th St

      CONVENIENCE STORE • 2,500 SF
      401 20th St, Phoenix, AZ 85006-3904
      View Details
    • Value Estimation
      $21,855,000
      91,303 SF

      1602 Roosevelt St

      GROCERY, SUPERMARKET • 91,303 SF
      1602 Roosevelt St, Phoenix, AZ 85006-3637
      View Details
    • Value Estimation by Request
      2,688 SF

      2302 12th St

      CONVENIENCE STORE • 2,688 SF
      2302 12th St, Phoenix, AZ 85006-1704
      View Details
    • Value Estimation by Request
      1,820 SF

      801 16th St

      CONVENIENCE STORE (W/FUEL PUMP) • 1,820 SF
      801 16th St, Phoenix, AZ 85006-3648
      View Details
    • Value Estimation
      $2,450,000
      2,940 SF

      1537 Mcdowell Rd

      CONVENIENCE STORE • 2,940 SF
      1537 Mcdowell Rd, Phoenix, AZ 85006
      View Details
    • Value Estimation
      $1,925,000
      2,500 SF

      1101 7th St

      CONVENIENCE STORE • 2,500 SF
      1101 7th St, Phoenix, AZ 85006-2730
      View Details

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      Retail Property with McDowell Frontage

      Retail property featuring easy access and central location.
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      High-traffic corner, 5,000 SF, strong NOI.
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    Similar Nearby for Lease

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      19,300 SF

      Phoenix Retail Space For Rent

      Retail space with fenced yard and roll-up doors available for rent.
      8935 North 7Th St, Phoenix, AZ 85006
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    • $1,800 /Mo
      206 SF

      Retail Space Near Coronado Neighborhood

      Retail space for rent near the Historical Coronado Neighborhood.
      1710 N 16Th St, Phoenix, AZ 85006
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      1,300 SF

      Retail Space with Ample Parking

      Retail space with monument signage at 16th St and Roosevelt.
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      Retail property with excellent visibility and pylon signage.
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      Retail Space Near I-10 Freeway

      Retail space available for lease or sale near I-10.
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      View Details
    • Contact for pricing
      8,320 SF

      Retail Space Sublease Opportunity

      Former Family Dollar retail space available for sublease.
      2550 W Van Buren St, Phoenix, AZ 85006
      View Details
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    702 Virginia Ave
    Phoenix, AZ 85006-1036
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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